Stock market crash: Tata Steel, Vedanta, Hind Zinc, Hind Copper: Metal stocks tank upto 6%

Metal stocks were under severe selling pressure as the Monday blues returned to haunt Dalal Street following a warning from US President Donald Trump, who ordered Iran to reopen the Strait of Hormuz within 48 hours or face the destruction of its energy infrastructure. The risk-off sentiments is denting the appeal of all commodities and assets.

BSE Metal index cracked nearly 4 per cent to 36,224.33 on Monday, compared to its previous close at 37,708.20. The index has tumbled nearly 12 per cent in less than a month from its 52-week high at 41,101.11, hit on February 26, before the war kicked off. All the constituents of index were trading in red.

Hindustan Copper Ltd plunged 6.18 per cent to Rs 458.50 in the early session, commanding a market capitalization close to Rs 44,000 crore. It had settled at Rs 488.70 on Friday. The stock has nosedived nearly 40 per cent from its 52-week high at Rs 759.20, hit nearly two months ago.

Shares of Hindustan Zinc Ltd crashed nearly 5.75 per cent to Rs 485.20 on Monday, compared to its previous close at Rs 514.80. The stock is down nearly 34 per cent from its 52-week high at Rs 732.60, hit just two months ago. Its parent company, Vedanta Ltd was second in line, falling 5.30 per cent to Rs 637 for the day. The stock has corrected nearly 18 per cent from its recent peak.

Shares of National Aluminium Company Ltd (Nalco) tanked nearly 5 per cent to Rs 350.25, while Tata Steel tumbled Ltd nearly 4.5 per cent to Rs 188 in the early session. NDMC, Jindal Stainless, Jindal Steel & Power and JSW Steel, Steel Authority of India Ltd (SAIL) were also down 4-5 per cent each in the early trade.

Hindalco Industries Ltd declined more than 3 per cent, while Lloyds Metals and Energy and APL Apollo Tubes retreated in the similar fashion. Other small metal-related counters included KIOCL, MOIL, Shyam Metalics and Energy and others were down 3-6 per cent each on Monday.

Meanwhile, BSE Sensex plunged more than 1,550 points, or 2.08 per cent to hit lows at 72,977.34, while NSE’s Nifty50 index shed nearly 515 points to tell 22,600 levels during the first week of the session. Benchmark indices have cracked more than 15 per cent from their respective peak amid the rising concerns in West Asia.